The Real Deal New York

Adam America’s LES condos 50% in contract after a week

Half of the 38 condominium units planned for Adam America Real Estate’s 12-story building at 100 Norfolk Street on the Lower East Side are in contract after one week, a spokesperson for the project told The Real Deal.

Adam America partnered with the Naveh Shuster Group and the Horizon Group on the project after buying the site in 2012. Douglas Elliman broker Ariel Tirosh is handling sales there. ODA Architecture’s Eran Chen served as the architect.

Prices range from $800,000 to more than $4 million – from studios to three-bedrooms. The developers plan to open the building by late next year.

Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, said he is unsure if the apartments were priced too low. Elsewhere in the Lower East Side, hotelier Ian Schrager launched condo sales at 215 Chrystie Street, where prices began at $7 million – a neighborhood record if sales close at that price or higher.

“While I don’t know whether the value is too low, I think the rapid absorption addresses the current affordability crisis being experienced by Manhattan residents,” Miller told The Real Deal. “When new development projects are able to target the middle of the market, I suspect in most cases there will be rapid absorption.”

Executives at Adam America could not be immediately reached to comment on pricing.

One of the units on the market is a three-bedroom, 1,630-square-foot unit on the 10th floor asking $3.3 million.